Germany in 2022, the year of the energy and food surge average inflation rose to 7.9% from 3.1% in 2021. Russia’s invasion of Ukraine and war-induced supply bottlenecks are said to be one of the factors driving up prices.
Effects of war between Ukraine and Russia
In 2022, Germany’s average inflation rate will exceed 7.9%, the highest since reunification in 1990. said the country’s statistics office. According to his Jan. 3 report from the German news agency, the rate in 2022 is more than double the 3.1% in 2021. Rising energy and food prices were among them, according to a reportfrom
“German consumers had to pay 24.4% more for energy in December than the previous year. Food prices rose by 20.7% within a year,” he said. The agency’s report explains:
Germany’s monthly inflation slows
Even though it recorded what is described as the country’s worst overall inflation rate since 1951, when it hit 7.6%. Regardless, FSO’s data suggests that the monthly rate has fallen to 8.6. Prior to that, the average rates in October and November were 10.4% and 10% respectively.
The German government is reportedly planning “billions of dollars in aid” to minimize the impact of rising prices on the population. It also aims to achieve this using “electricity and gas price brakes”. Some economists are optimistic that such measures will help him contain inflation in 2023, according to the report.
Image Credits: Shutterstock, Pixabay, Wiki Commons